Alworths sold to Poundstretcher

Alworths, the chain that aimed to fill the gap left by Woolworths but which itself fell into administration earlier this year, has been sold to Poundstretcher.

Alworths sold to Poundstretcher

Neil Bennett of the administrators, Leonard Curtis, said: “We are delighted to announce that we have completed the sale of the Alworths business and 15 of the 17 stores placed in administration at the end of March this year.”

The two stores not acquired – believes because of issues involving their landlords – were in Llandudno and Evesham.

“We successfully traded the stores for five weeks,” Bennett went on, “and had a lot of interest in the business from the start, resulting in the sale to Poundstretcher.”

Shops that closed during the administration, in Alloa, Didcot, New Milton and Newhaven, are now set to open again. All stores will now reportedly become Poundstretcher stores.

“We are delighted that the majority of the 235 jobs across the whole company have been saved,” Bennett said. “This is a particularly good result: for the employees of the business, the creditors of the Alworths company, and for the British high street. We wish the staff and the customers of all these stores the very best.”

Alworths, based in Redhill, Surrey, achieved a turnover of £7.5m for the year to December 2010.

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